Twitter’s CEO Believes Bitcoin Will the World’s “Single Currency” Within 10 Years

According to The Times, Jack Dorsey, the CEO of Twitter and Square payment services, says he believes Bitcoin will be the world’s single currency within the next decade.

“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,” Dorsey told The Times, adding that this would happen “”probably over ten years, but it could go faster”

However, the Silicon Valley serial entrepreneur admitted that Bitcoin “does not have the capabilities right now to become an effective currency.”

According to Mr. Dorsey, Bitcoin is “slow and costly, but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable.”

In February 2018, Dorsey, in an interview with Market Watch, discussed the fact that he wanted to make sure Square focused on making sure their clients were able to interact with the payment app with Bitcoin.

“Bitcoin, for us, is not stopping at buying and selling. We do believe that this is a transformational technology for our industry, and we want to learn as quickly as possible,” he told Market Watch.

Although Jack Dorsey seems opened to Bitcoin and cryptocurrency, Twitter has announced on March 19th that it would be banning all cryptocurrency-related ads on its platform.